Finding Errors in time; Saves Money on Time!

While the billing accuracy has improved, American Medical Association found that one in ten bills paid by private health insurance have errors. Everyone in this industry wants to minimize the billing errors, but they still occur, and one doesn’t realize that it costs money to correct these errors.

A mistake can be as simple as typing a wrong middle initial or entering a wrong birth date; this can lead to all sorts of mistakes which multiplies at every step creating numerous separate bills. The billing process starts at the front office and it is most important to know that documentation has to be done perfectly. One must know what is being paid for and what is not.

Finding Errors in time; Saves Money on Time!

Most billing errors can be avoided before they are sent to the insurance company for processing. It is equally important to be updated with medical billing codes, new healthcare regulations, newfound illnesses, and new treatments for the illnesses.

Another factor is that patient-provider relationship can be damaged. Patients do get angry when the billing errors cause them hardship. Must focus to minimize costly errors. Always take the time to double-check both manual and electronic health records for accuracy before processing them. Patients may spend hours on phone and end up paying for the services they may not have really received due to the billing errors.

Approximately half of all Medicare claims contain medical billing errors. These errors, in turn, translate into billions of dollars in wrongful reimbursement and erroneous charges to patients. The medical debt is the largest category of the consumer debt. It is believed that the health care practices should provide more transparency about the cost of care, helping them make better decisions on their health.

Hence, it is better to find errors in time; else, it would cost you in many ways. View the infographics using below shown URL, and learn about which errors are causing you more issues and how to get solution to them.

Due to Medical Billing errors, hundreds of dollars are lost. The infographic below shows the Technology Enabled Services provided by iPatientCare to assist in improving financial performance so as to receive well deserved long-term benefits.

thumb-min

See Full Infographic

Posted in Revenue Cycle Management

White Papers

Maximizing EHRs under Value-based Care.

Optimizing RCM Technologies to Improve a Practice’s Bottom Line.


MIPS Financial Calculator
Call Now